To target frequent travelers with annual income of Rs 6 lakhs or more
Amex partnering with Makemytrip and Payback
Amex payback launched in June 2013
'At Amex, 30% of total spends is done online of which nearly 50% is for online travel booking.'- Manoj Adlakha, CEO, Amex
As per industry analysts, online travel now accounts for 71% of India's Rs 63,000 crore e-commerce market.
Financial services: 50%
Mobile networks: 40%
Technology brands: 36%
Result of survey of over 2,500 online respondents in India conducted by Aimia
"Within 2 months, our mobile wallet user base will exceed credit card penetration in India."
- Amit Lakhotia, Paytm
"One day I should be able to pay my auto fare by tapping my phone on the meter."
- Bhaktka Keshavachar, EzeTap
"Mobile has evolved from communication device to desktop extension and now to extension of life."
- Sunit Singh, Clear trip
" The last material goods which monks seem to hang on to is the mobile phone!"
-Govind Shuvkumar, LGT Ventures
Apart from being a transparent card, this card will have an extended period for repaying of retail purchases for the first two bill cycles by paying minimum amount due.
As a part of retail expansion strategy, IDBI is planning to launch credit cards.
Also the bank is going to expand to 2,000 branches by March, 2015.
China has trillion dollars in spending and Turkey has $ 170 billion of credit card spending. In Brazil, it is $180 billion. In India, credit and debit card cumulative spending is $44-45 billion at point of sale and credit card is less than $30 billion.
